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SMCGLOBAL - SMC Global Sec.

📊 NSE: SMCGLOBAL 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 13:30

📢 Recent Corporate Announcements

SMC Global to Participate in Bharat Connect Conference on March 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Mar 2026, 06:41 PM

SMC Global Securities Limited has scheduled a virtual interaction with analysts and institutional investors for March 9, 2026. The meeting will be part of the 'Bharat Connect Conference – Rising Stars, 2025' organized by Arihant Capital Markets Ltd. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared, and discussions will be based on publicly available data. This routine engagement is aimed at improving corporate visibility and investor relations.

Virtual meeting scheduled for March 9, 2026, via video conference.
Participation in the 'Bharat Connect Conference – Rising Stars, 2025' hosted by Arihant Capital Markets.
The disclosure covers the equity symbol SMCGLOBAL and 18 distinct debenture scrip codes.
Discussions will be limited to publicly available information with no UPSI disclosure.

💡 Investors should monitor the company's website for any post-conference presentations or transcripts that may provide updates on business outlook. No immediate trading action is required as this is a standard investor relations event.

SMC Global Q3 FY26 PAT Jumps 46.8% QoQ to ₹30.8 Cr; Broking and Insurance Drive Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 08:04 PM

SMC Global Securities reported a strong sequential recovery in Q3 FY26, with consolidated operational income rising 12.4% QoQ to ₹494.8 crores. Profit After Tax (PAT) surged 46.8% QoQ to ₹30.8 crores, supported by a 140-basis point expansion in EBITDA margins to 20.6%. While the broking and insurance segments showed robust year-on-year growth of 17.3% and 22.2% respectively, the financing (NBFC) segment remained under pressure due to tighter credit standards. The company's focus on digital penetration and algo-trading is expected to drive future broking volumes.

Consolidated Q3 FY26 PAT grew 46.8% QoQ to ₹30.8 crores with EBITDA at ₹102.1 crores.
Broking and Distribution revenue increased 17.3% YoY to ₹286.6 crores, supported by a DP AUA of ₹1,64,217 crores.
Insurance Broking revenue rose 22.2% YoY to ₹181.1 crores with over 8.25 lakh policies issued in 9M FY26.
NBFC segment AUM stood at ₹1,107 crores with a Net NPA of 1.99% and collection efficiency of 97.96%.
Mutual Fund AUM reached ₹4,768 crores as of 9M FY26, reflecting steady retail SIP participation.

💡 Investors should focus on the company's ability to scale its high-margin insurance and digital broking arms to offset the current slowdown in the NBFC segment. The stock remains a steady play on Indian capital market participation and insurance penetration.

SMC Global Securities Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 03 Feb 2026, 06:45 PM

SMC Global Securities Limited has officially released the audio recording of its Q3 FY25-26 earnings conference call held on February 3, 2026. This disclosure follows the company's quarterly financial results announcement and provides transparency into management's discussion with analysts. The company has confirmed that no unpublished price sensitive information (UPSI) was discussed during the session. A written transcript of the call is expected to be filed with the exchanges shortly.

Audio recording of the Q3 FY25-26 earnings call held on Feb 3, 2026, is now available for public access.
The recording is hosted on the company's official website under the investor relations section.
Management explicitly stated that no unpublished price sensitive information was shared during the call.
A formal written transcript will be uploaded and shared with BSE and NSE in due course.

💡 Investors should review the audio recording or wait for the transcript to gain insights into management's outlook on the brokerage and financial services sector. This is a routine regulatory filing and does not require immediate portfolio adjustments.

SMC Global Q3 FY26: Revenue Up 8.6% to INR 495 Cr; PAT Declines 30% on NBFC Weakness

🔵 WATCH ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 12:44 PM

SMC Global Securities reported a mixed performance for Q3 FY26, with consolidated revenue growing 8.6% YoY to INR 494.8 Crores. However, Profit After Tax (PAT) declined significantly by 29.8% YoY to INR 30.8 Crores, while 9M FY26 PAT fell 42.7% to INR 81.8 Crores. The decline was primarily driven by a 32% revenue drop in the Financing (NBFC) segment due to cautious lending and tighter underwriting. Conversely, the Broking and Insurance segments showed resilience with revenue growth of 22.2% and 17.3% respectively.

Consolidated Q3 Revenue rose 8.6% YoY to INR 494.8 Cr, but EBITDA margins contracted by 400 bps to 20.6%.
Insurance Broking revenue increased 17.3% YoY to INR 286.6 Cr, supported by robust policy sourcing and renewal cycles.
Financing (NBFC) segment EBIT plunged 43.8% YoY to INR 26.2 Cr as management prioritized asset quality over expansion.
Broking DP Assets Under Advice (AUA) reached a record INR 1,64,217 Cr, up from INR 1,15,048 Cr in FY25.
9M FY26 PAT stands at INR 81.8 Cr, down from INR 142.7 Cr in 9M FY25, reflecting higher operational expenses and NBFC stress.

💡 Investors should remain cautious as the significant decline in profitability and contraction in the NBFC book outweigh the steady growth in broking and insurance. Monitor if the company can stabilize margins and revive its lending business in the coming quarters.

SMC Global Declares ₹0.60 Interim Dividend; Q3 Standalone PAT at ₹13.96 Crore

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 02 Feb 2026, 09:20 PM

SMC Global Securities has declared an interim dividend of ₹0.60 per equity share (30% of face value) for the financial year 2025-26. The company set February 6, 2026, as the record date for determining shareholder eligibility. For the quarter ended December 31, 2025, the company reported a standalone total income of ₹255.53 crore, though Profit After Tax (PAT) declined to ₹13.96 crore from ₹27.21 crore in the previous quarter. These results and EPS figures have been adjusted to reflect the 1:1 bonus issue completed in November 2025.

Interim dividend of ₹0.60 per equity share (30% of ₹2 face value) declared for FY 2025-26.
Record date for dividend eligibility is fixed as Friday, February 06, 2026.
Standalone Q3 FY26 Total Income increased to ₹255.53 crore from ₹227.23 crore in Q2 FY26.
Standalone Profit After Tax (PAT) for Q3 FY26 stood at ₹13.96 crore, down from ₹27.21 crore in the preceding quarter.
EPS for the quarter is reported at ₹0.67, restated to account for the 1:1 bonus share allotment in November 2025.

💡 Investors should ensure they hold shares before the February 6 record date to qualify for the ₹0.60 dividend. While the dividend is positive, the sequential dip in profitability despite higher revenue suggests a need to monitor operating expenses.

SMC Global Sets Feb 6, 2026, as Record Date for FY26 Interim Dividend

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 02 Feb 2026, 09:17 PM

SMC Global Securities Limited has officially designated February 6, 2026, as the record date for its interim dividend for the financial year 2025-26. This follows the board meeting held on February 2, 2026, where the timeline for shareholder entitlement was finalized. Shareholders holding the stock as of the record date will be eligible for the payout. This announcement confirms the company's commitment to distributing profits to its investors for the current fiscal year.

Record date for interim dividend entitlement is fixed as February 6, 2026
Board meeting to finalize the record date was held on February 2, 2026
The dividend distribution pertains to the financial year 2025-26
Announcement applies to equity shares listed on both BSE (543263) and NSE (SMCGLOBAL)

💡 Investors interested in the dividend should ensure they purchase or hold the shares before the ex-dividend date to qualify for the payout. Monitor for the specific dividend amount per share if not already declared.

SMC Global Q3 PAT Drops to ₹13.96 Cr; Announces ₹0.60 Interim Dividend

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 09:15 PM

SMC Global Securities reported a weak performance for the quarter ended December 31, 2025, with Profit After Tax (PAT) falling to ₹13.96 crore from ₹20.22 crore in the same period last year. Revenue from operations also declined to ₹215.53 crore compared to ₹255.53 crore YoY. Despite the earnings dip, the company declared an interim dividend of ₹0.60 per share. The company recently completed a 1:1 bonus issue, and EPS figures have been restated to reflect the increased share capital.

Net Profit for Q3 FY26 stood at ₹13.96 crore, a significant drop from ₹20.22 crore in Q3 FY25.
Revenue from operations decreased to ₹215.53 crore for the quarter, down from ₹255.53 crore YoY.
Declared an interim dividend of ₹0.60 per equity share (30% of face value) with a record date of February 6, 2026.
Successfully raised ₹33.85 crore through the public issuance of secured Non-Convertible Debentures (NCDs).
Invested ₹20 crore in wholly-owned subsidiary Moneywise Finvest Limited through a rights issue.

💡 Investors should monitor the declining profit margins and revenue growth, which suggest operational headwinds. While the dividend provides some yield, the sharp drop in quarterly PAT warrants a cautious outlook until growth stabilizes.

SMC Global Declares ₹0.60 Interim Dividend; Q3 Standalone PAT at ₹31.45 Crore

🟡 NEUTRAL ⭐ 7/10

DIVIDEND 📅 02 Feb 2026, 09:10 PM

SMC Global Securities has declared an interim dividend of ₹0.60 per equity share (30% of face value) for the financial year 2025-26, with the record date set for February 6, 2026. The company reported standalone Profit After Tax (PAT) of ₹31.45 crore for Q3 FY26, a decline from ₹38.41 crore in the corresponding quarter of the previous year. Total standalone income for the quarter stood at ₹222.42 crore, slightly lower than the ₹227.23 crore reported in Q3 FY25. The earnings per share (EPS) for the quarter was ₹1.50, adjusted for the 1:1 bonus issue completed in November 2025.

Declared an interim dividend of ₹0.60 per share (30% of face value) with a record date of February 6, 2026.
Standalone Profit After Tax (PAT) for Q3 FY26 decreased to ₹31.45 crore from ₹38.41 crore YoY.
Total standalone income for the quarter ended December 31, 2025, was ₹222.42 crore.
Successfully raised ₹33.86 crore through the public issuance of Non-Convertible Debentures (NCDs) in October 2025.
EPS for the quarter stands at ₹1.50, restated to account for the 1:1 bonus share allotment in November 2025.

💡 Investors should track the record date of February 6, 2026, to be eligible for the interim dividend. While the dividend provides immediate yield, the slight year-on-year decline in quarterly profitability warrants a closer look at operating margins in the broking segment.

SMC Global Submits Revised XBRL Filings Following NSE Clarification on Q2 FY26 Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 02 Feb 2026, 11:56 AM

SMC Global Securities Limited has addressed a clarification request from the National Stock Exchange regarding its financial results for the period ended September 30, 2025. The company identified a clerical error in the XBRL utility where the reporting type was incorrectly labeled as "Half Yearly" instead of "Quarterly." Consequently, revised Standalone and Consolidated financial results have been uploaded to the exchange. This update is purely administrative and does not change the underlying financial performance or numbers previously disclosed.

NSE sought clarification on XBRL filing discrepancies for the quarter ended Sept 30, 2025
Company corrected a "Reporting Type" selection error in the XBRL utility
Revised Standalone and Consolidated XBRL filings have been successfully submitted to the exchange
The error was limited to nomenclature in column headers and did not affect the actual financial data

💡 This is a routine regulatory correction of a clerical error. Investors can continue to rely on the financial data as the underlying numbers remain unchanged.

SMC Global to Host Q3 & 9M FY26 Earnings Call on February 3, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 27 Jan 2026, 06:46 PM

SMC Global Securities has scheduled its earnings conference call for February 3, 2026, at 4:00 PM IST to discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. The call will feature the top leadership team, including the CMDs and CEOs of various group entities, providing a comprehensive view of the company's performance. This is a routine but essential event for shareholders to understand the company's growth trajectory in the brokerage and financial services sectors. Investors can access the call via the provided primary and international toll-free numbers.

Earnings call scheduled for February 3, 2026, to discuss Q3 and 9M FY26 performance.
Management representation includes CMD Mr. Subhash C. Aggarwal and Group CFO Mr. Vinod Kumar Jamar.
The session will cover results for the period ending December 31, 2025.
Participation includes heads of key subsidiaries like SMC Capitals and Moneywise Financial Services.

💡 Investors should attend or review the transcript of the call to assess management's outlook on market volatility and the performance of their NBFC and discount brokerage arms. Monitor for any updates on dividend payouts or strategic expansions.

SMC Global Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 01:27 PM

SMC Global Securities Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, covers the period from October 1, 2025, to December 31, 2025. It confirms that all securities received for dematerialization were processed, and physical certificates were mutilated and cancelled as per regulatory requirements. This is a standard procedural filing to ensure the accuracy of the company's share register.

Compliance certificate covers the quarter ended December 31, 2025.
Registrar MUFG Intime India confirmed the processing of all dematerialization requests.
Securities comprised in the certificates are listed on the BSE and NSE stock exchanges.
Physical security certificates were mutilated and cancelled after due verification.
The name of the depositories has been substituted in the register of members as the registered owner.

💡 No action is required from investors as this is a routine regulatory compliance filing. Investors should continue to monitor the company's upcoming quarterly financial results for performance insights.

SMC Global Securities: Promoter Group Sells 40,000 Shares Worth ₹57.58 Lakh

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 31 Dec 2025, 07:41 PM

SMC Real Estate Advisors Private Limited, a member of the promoter group, sold 40,000 equity shares of SMC Global Securities on December 31, 2025. The transaction was executed in the open market for a total consideration of approximately ₹57.58 lakh. Following this disposal, the entity's stake in the company has decreased from 1.02% to 0.98%. This filing is a mandatory disclosure under SEBI's Prohibition of Insider Trading regulations.

Promoter group entity sold 40,000 equity shares via open market transaction
Total transaction value is approximately ₹57.58 lakh at an average price of ~₹143.94 per share
The entity's holding reduced from 10,70,000 shares (1.02%) to 10,30,000 shares (0.98%)
Transaction date recorded as December 31, 2025, with immediate disclosure to exchanges

💡 This is a minor stake reduction by a promoter group entity and does not significantly impact the overall control or outlook of the company. Investors should treat this as a routine disclosure unless further large-scale selling is observed.

SMC Global to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Dec 2025, 07:26 PM

SMC Global Securities Limited has announced the closure of its trading window starting January 1, 2026, for all designated persons and their immediate relatives. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ending December 31, 2025. The window will remain shut until 48 hours after the results are officially disclosed to the exchanges. This is a standard administrative procedure for listed entities in India.

Trading window closure effective from January 01, 2026.
Closure applies to Designated Persons and their Immediate Relatives.
Window to reopen 48 hours after the announcement of Q3 FY2025-26 results.
Covers equity shares (543263) and 18 specific debenture scrip codes.

💡 This is a routine regulatory update with no direct impact on retail trading. Investors should look out for the upcoming board meeting date for Q3 results.

SMC Global Clarifies Significant Price Movement; No Undisclosed Material Info

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Dec 2025, 01:10 PM

SMC Global Securities Limited has responded to a clarification request from the BSE and NSE regarding recent significant movements in its share price and trading volume. The company officially stated that there is no pending information, announcement, or event that has not been disclosed to the exchanges. Management confirmed that all Unpublished Price Sensitive Information (UPSI) has been shared in compliance with SEBI regulations. The company attributes the recent volatility to general market conditions and investor perception rather than any internal corporate developments.

Responded to Exchange queries dated December 15, 2025, regarding stock price volatility
Confirmed no undisclosed material information or UPSI is currently pending
Attributed price and volume movements to market-driven factors beyond company control
Reiterated strict adherence to SEBI (LODR) Regulations, 2015 for all disclosures

💡 Investors should note that the recent price movement is not backed by any new fundamental developments according to the company. Exercise caution and avoid speculative trading based on the recent price spike.

SMC Global Clarifies Significant Share Price Movement; Cites Market Dynamics

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Dec 2025, 01:09 PM

SMC Global Securities Limited has issued a clarification to the stock exchanges regarding recent significant movements in its share price and trading volume. The company stated that there is no undisclosed material information, announcement, or event that could have influenced these movements. Management confirmed that all Unpublished Price Sensitive Information (UPSI) has been disclosed in a timely manner as per SEBI regulations. The company attributes the observed volatility to general market conditions and investor perception rather than internal corporate developments.

Responded to exchange clarification requests from BSE and NSE dated December 15, 2025
Confirmed no pending undisclosed information or events that could impact price or volume
Attributed recent price movement entirely to market-driven factors and investor perception
Reiterated full compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015
Stated that the company has not taken any specific action resulting in the price movement

💡 Investors should view this as a routine regulatory response and focus on the company's fundamental performance rather than short-term price volatility. No immediate action is required as the company confirms no new material developments.

View All SMCGLOBAL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, Broking, Distribution & Trading revenue declined 12.8% YoY to INR 240.9 Cr. Insurance Broking grew 21.1% YoY to INR 162.5 Cr. Financing (NBFC) revenue fell 7.9% YoY to INR 46.4 Cr. For H1 FY26, total operational income was INR 865.2 Cr compared to INR 1,775.7 Cr for the full year FY25.

Geographic Revenue Split

The company operates through 198 branches and 2,297 franchisees across 412 cities in India as of September 2024. Specific percentage split by region is not disclosed, but the network includes a strategic presence in the West (Regional Director Nidhi Bansal) and a national POS network for insurance.

Profitability Margins

Net Profit Margin (PAT) declined from 11.5% in FY24 to 8.3% in FY25, and further compressed to 5.9% in H1 FY26. This trend is driven by a 16-18% decline in capital market segment income in H2 FY25 and elevated fixed costs (49-50% of total costs).

EBITDA Margin

EBITDA margin stood at 21.3% in H1 FY26 (INR 184.5 Cr), down from 23.6% in FY25 and 26.0% in FY24. The decline is attributed to industry-wide moderation in trading activity and higher exchange-related charges.

Capital Expenditure

While specific future Capex is not quantified, the group incurred significant IT infrastructure expenses in FY23 and FY24 to strengthen digital platforms like Stoxkart. Technology expenses continue to be a drag on earnings, maintaining the cost-to-income ratio at 74.5% in FY25.

Credit Rating & Borrowing

ICRA reaffirmed [ICRA]A (Stable) for long-term bank lines of INR 2,200 Cr and NCDs of INR 400 Cr. Standalone borrowings were INR 871 Cr as of September 30, 2024. Consolidated gearing stood at 1.4 times as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Not applicable as SMCGLOBAL is a financial services provider. The primary 'inputs' are capital for margin requirements and human resources (employee costs represent ~31% of fixed costs).

Key Suppliers

Not applicable. Key partners include 7 PSU and Private Banks (PNB, IOB, UBI, Ujjivan) for online trading alliances.

Capacity Expansion

Current network includes 2,152 authorized persons and 6,573 financial distributors. The company is expanding its insurance POS network and branch footprint to offset the 0.6% and 0.3% market share declines in retail cash and F&O segments respectively.

Raw Material Costs

Not applicable. Operating expenses are driven by exchange-related charges and IT infrastructure, with the cost-to-income ratio rising to 74.5% in FY25 from 67.3% in FY24.

Manufacturing Efficiency

Active NSE client base stands at ~2 lakh (0.4% market share). Online penetration increased to 67% in H1 FY26 from 59% in FY23, improving digital reach efficiency.

Logistics & Distribution

Distribution costs are primarily client introduction charges and sub-brokerage, which are variable. Fixed operational expenses account for ~19% of the total 50% fixed cost base.

📈 Strategic Growth

Growth Strategy

Growth is targeted through cross-selling financial products across the 12.5 lakh customer base, expanding the insurance POS network which grew revenue by 21.1% in Q2 FY26, and re-anchoring the NBFC portfolio toward Micro-LAP to maintain asset quality.

Products & Services

Full-service and discount broking (Stoxkart), Insurance Broking (Life/General), SME Financing (LAP, WCTL, Supply Chain), Wealth Management, and Clearing Services.

Brand Portfolio

SMC, Stoxkart, Moneywise Financial Services (MFSPL), Moneywise Finvest (MFL).

New Products/Services

Expansion into Micro-LAP and Supply Chain Financing within the NBFC arm; Stoxkart discount broking platform (active clients ~16,200) aimed at capturing the younger digital demographic.

Market Expansion

Strategic alliances with 7 banks to offer trading services to their customers; expansion of the franchisee network which currently spans 412 cities.

Market Share & Ranking

Market share in retail cash segment fell to 0.6% in FY24 (from 1.2% in FY22) and to 0.3% in retail F&O (from 0.9% in FY22).

Strategic Alliances

Alliances with Punjab National Bank (PNB), Indian Overseas Bank (IOB), Union Bank of India (UBI), and Ujjivan Small Finance Bank for 3-in-1 account services.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward digital transacting (67% for SMC) and increased financialization of household savings. Regulatory tightening (SEBI F&O norms) is consolidating the market, favoring traditional brokers over pure discount players in some segments.

Competitive Landscape

Intense competition from discount brokers (Zerodha, Groww) has pressured SMC's market share, which dropped from 1.2% to 0.6% in retail cash over two years.

Competitive Moat

Moat is built on a diversified 'supermarket' model where insurance broking and NBFC activities provide a hedge against cyclical broking revenue. The 30+ years of management experience and 41 quarters of loss-free proprietary trading support sustainability.

Macro Economic Sensitivity

Highly sensitive to capital market cycles; 70-80% of total income is market-linked. Softening investor sentiment in H2 FY25 led to a sharp decline in consolidated PAT to INR 4 Cr in Q4 FY25.

Consumer Behavior

Increasing preference for digital-first discount broking platforms, prompting SMC to launch Stoxkart and increase online penetration to 67%.

Geopolitical Risks

Indirect impact through capital market volatility affecting trading volumes and proprietary trading desk performance.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI norms for NBFC operations (MFSPL) regarding capital adequacy (CRAR of 37% as of March 2025) and IRDAI regulations for insurance broking. Compliance costs are rising due to tighter reporting standards.

Taxation Policy Impact

Impacted by the hike in Securities Transaction Tax (STT) and revised Long-Term/Short-Term Capital Gains taxes introduced in the recent budget, which increase the cost of trading.

Legal Contingencies

Not disclosed in available documents with specific INR values, excluding capital market regulator matters.

⚠️ Risk Analysis

Key Uncertainties

Regulatory interventions in the derivatives segment could further reduce trading volumes (55% of NOI). Asset quality in the INR 224 Cr MTF book is vulnerable to sudden market crashes.

Geographic Concentration Risk

Operations are pan-India with 2,152 authorized persons, though physical branch concentration is not specifically mapped by revenue percentage.

Third Party Dependencies

High dependency on banking partners (7 banks) for client acquisition and exchange platforms for trade execution.

Technology Obsolescence Risk

Risk of falling behind discount brokers in UI/UX; mitigated by ongoing IT infrastructure investments which currently keep the cost-to-income ratio elevated at 74.5%.

Credit & Counterparty Risk

NBFC Stage 3 assets remained stable at 2.2% (Gross) and 1.0% (Net) as of September 30, 2024. Unsecured SME loans represent ~80% of the NBFC AUM, posing a concentration risk.